9911796707
TMI Blog2006 (12) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... d 10th October, 2006, passed by the learned Single Judge dismissing the writ petition filed by the appellant herein. In the said writ petition the appellant had challenged legality of the order dated 10th August, 2006 passed by the Appellate Tribunal for Foreign Exchange directing him to deposit 10% of the penalty amount within 45 days from the date of the order. 5. According to the appellant the appointment of the Adjudication Officer, who was appointed by Notification dated 28th August, 2003, is illegal and void. In support of the said contention counsel appearing for the appellant has drawn our attention to the provisions of Section 49(3) (4) of the Foreign Exchange Management Act, 1999 and also to the provisions of Foreign Exchange Regu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion order or notice made or issued or any appointment, confirmation or decoration made or any licence, permission, authorization or exemption granted or any document or instrument executed or any direction given under the Act hereby repealed shall, insofar as it is not inconsistent with the provisions of this Act, be deemed to have, been done or taken under the corresponding provisions of this Act. 7. Section 49(3) provides that no cognizance of an offence under the repealed Act would be taken and that no Adjudicating Officer would take notice of any contravention under Section 51 of the repealed Act after the expiry of a period of two years from the date of commencement of the Foreign Exchange Management Act, 1999. Section 49(4) categoric ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unable to accept the said contention also in view of the findings recorded by the learned Single Judge in paragraphs 11 and 12 of the impugned judgment and order. The learned Single Judge has categorically held that the appellant placed on record no document to prove their financial status to the effect that even 10% of the penalty amount directed to be deposited by the respondent will Be an onerous condition and will cause such undue hardship that the right of appeal would be rendered illusory. The aforesaid findings are arrived at by the learned Single Judge after considering the records of the case and are in the nature of findings of facts. 10. On consideration of the records we agree with the findings recorded by the learned Single Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X
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